Research On The Spot Pricing Carbon Emission Rights

In order to control climate change, lots of countries join the United NationsFramework Convention on Climate Change and the Kyoto Protocol. They volunteerto protect their countries’ economic growth while reducing greenhouse gas emissions,which also makes greenhouse gas, led by carbon dioxide, emissions become avaluable commodity. As a greenhouse gas emissions country, China is facingenormous pressure to reduce emissions, and only a single CDM project transactioncan not compete for the voice in the international market. The study of spot tradingof carbon emission rights is imminent. Firstly, in this paper, the EUA spot price isselected as the research object, through empirical research, trying to find a stochasticmodel which can better fits the spot price of carbon emission rights. Under thecomprehensive consideration of carbon emission rights market development in ourcountry, at the end of the article, we explore the development of China’s carbonemissions trading scheme.The text is divided into four parts. The first chapter is an introduction, whichmainly elaborates the background and significance of the topic. Then simplycombines the results of previous studies, and finally introduces the research methodsof this paper, the innovation and inadequate.The second chapter overviews carbon emission rights market. We introduce theconnotations of carbon emissions trading and carbon emission rights market,including the generation, classification and development of the both. And highlightsseveral influential emission rights markets in the world, such as EU ETS、NSWGGAS、CCX and ETG, providing the reference for the idea of establishing carbon emissions trading mechanisms in our country.The third chapter is part of the empirical research for determining the spot pricefor carbon emissions. First introduces the selection and processing of the data in thispaper, and analysis of its statistical characteristic of data, stability, and thecorrelation. Then use four kinds of statistical models which are usually used in theeconomics to fit EUA spot price trend. In generally, MRSRP model has the bestfitting effect. May be due to man-made carbon emissions market segmentationaccording to time, makes the same emissions prices significantly different In thesame emission reduction of early and late.The fourth chapter will builds ideas of carbon emission rights market on ourcountry in the future. In this part, firstly, we simply introduce the developmentsituation of China at the present stage. Then, we put forward feasible carbonemissions trading system for our country and set a preliminary price of carbonemissions, according to China’s national conditions and the existing problems ofcarbon emissions trading in China. Then analysis the risk of carbon emissionstrading is likely to meet.